A New ‘Bretton Woods’ Moment?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 20 October 2020

⏱️ 22 minutes

🔗️ Recording | iTunes | RSS

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Summary

Today on the Brief: Chinese citizens less than impressed with DCEP trial Is Filecoin the “Titanic” of ICOs? Mnuchin, Pelosi go one more round on stimulus Our main discussion: A new Bretton Woods moment? In a recent speech, the International Monetary Fund argued that the time to fundamentally re-evaluate the global economic order is here. Goldbugs see the potential to return to the gold standard, bitcoiners anticipate ever-growing stimulus and macro observers are betting on massive disruptions in the wake of central bank digital currencies.

Transcript

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0:00.0	It's not an inflection point in the sense that it isn't so much one moment.
0:04.2	It's many moments all combined.
0:06.6	It's the slow withdrawal of America from the world leadership role.
0:10.5	It's the genie out of the bottle of increased spending and rising debt to GDP.
0:14.8	And we shouldn't be waiting for one big inflection point moment.
0:18.0	It's the slow accumulation of moments like this that really changes
0:21.8	things. However, I do think that it feels like a moment potentially of punctuated equilibrium,
0:28.1	where there are more of those moments happening all the time, and it's poised for a great
0:32.9	change going forward. Welcome back to The Breakdown with me, NLW.
0:39.8	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:46.0	The breakdown is sponsored by crypto.com, nexo.io, and elliptic, and produced and distributed
0:51.8	by CoinDesk.
0:54.0	What's going on, guys? It is Monday, October 19th, and today we are talking about whether we are
1:00.4	in the midst of a re-evaluation of the global monetary order, whether we are in the midst of a new
1:08.0	Bretton Woods moment. First up, however, let's do the brief. First up on the
1:13.7	brief today, Chinese citizens are less than impressed with the DeSep tests. I have spoken a number of
1:20.9	times about the $1.5 million worth of digital yuan that the Chinese government gave away in
1:26.8	Shenzhen over the last couple
1:28.1	weeks. According to a Reuters report, while currency analysts were very impressed with this test,
1:35.2	citizens were not. So just a reminder, the way that this worked is that about 50,000 consumers
1:41.5	were given by lottery 200 digital yuan, which is about $30 worth. More than
1:47.2	3,000 shops in Shenzhen then accepted the digital yuan during this test. We don't have
	...

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